NaiKun Wind: First Quarter Financial Results
05 Febrero 2010 - 7:30AM
Marketwired
NaiKun Wind Energy Group Inc. (TSX VENTURE: NKW) continued in its
most recent financial quarter to realize significant progress and
achieved key milestones in the development of Canada's first
offshore wind energy project, in British Columbia's Hecate Strait.
"Our most significant milestone in the quarter was the
Environmental Assessment Certificate issued by the provincial
government," said Paul Taylor, NaiKun Wind's President and CEO.
"The NaiKun Wind project is now one of only a handful of projects
participating in BC Hydro's Clean Power Call to have been granted a
provincial certificate."
The Environmental Assessment Certificate was granted on December
10, 2009, by the British Columbia Environmental Assessment Office,
marking the culmination of over six years of extensive
environmental studies, analysis and community consultation. The
Federal Government's decision on the environmental assessment
application is expected in early 2010. The Haida Nation has also
undertaken an environmental assessment of the project.
During the quarter, NaiKun Wind signed a Letter of Intent with
Danish firm MT Hojgaard covering the design, supply and
installation of foundations, inter-array cables and other key
project elements. MT Hojgaard is a leading marine contractor for
offshore wind energy projects in Europe.
Haida Enterprise Corporation (HaiCo), on behalf of the Council
of the Haida Nation, continued during the quarter to pursue the
opportunity to acquire up to 40 per cent of the project.
Also, during the quarter, there were a number of actions taken
by the B.C. Government to support the growth of the renewable
energy sector in the province. On October 28, 2009, the Provincial
Government provided direction to BC Hydro to end its reliance on
its Burrard Thermal generating facility. As well, on November 2,
2009, the B.C. government announced the establishment of a Green
Energy Task Force to maximize the province's clean power potential,
including an electricity export policy.
"The Provincial Government's recent actions to support the
development of the renewable energy sector are very encouraging,"
said Taylor. "We look forward to the awarding of contracts under
the Clean Power Call in the very near future and to understanding
how the Green Energy Task Force's recommendations will contribute
to the development of successful power procurement in B.C."
During the quarter ended December 31, 2009, NaiKun Wind incurred
a net loss of $1.46 million ($0.04 net loss per share), compared to
a net loss of $3.70 million ($0.09 net loss per share) for the
quarter ended December 31, 2008. As at December 31, 2009, NaiKun
Wind had $11.52 million in cash and cash equivalents, compared to
$14.29 million at the end of September 2009.
The Company will continue efforts to preserve cash and ensure
that its cost structure is affordable while sustaining business
objectives. The current project plan will see operating revenue
from the project begin to flow in the second half of 2013, and the
Company continues to seek opportunities to complement this with
near-term revenue.
NaiKun Wind Energy Group Inc. is a British Columbia-based
renewable energy company with offices in Vancouver, Masset and
Skidegate. The 396MW offshore wind energy project will generate
enough energy to provide electricity to 130,000 B.C. homes and play
a significant role in combating climate change. The project will
also create an estimated 200 jobs during construction and 50
permanent jobs for maintenance and operations. NaiKun Wind is
committed to working in partnership with First Nations and
collaboratively with stakeholder groups and local communities in
the development of its project. For more information on NaiKun
Wind, please visit www.naikun.ca.
Caution Regarding Forward-Looking Statements - This news release
contains certain forward-looking statements, including statements
regarding the business and anticipated financial performance of the
Company. These statements are subject to a number of risks and
uncertainties. Actual results may differ materially from results
contemplated by the forward-looking statements. When relying on
forward-looking statements to make decisions, investors and others
should carefully consider the foregoing factors and other
uncertainties and should not place undue reliance on such
forward-looking statements. The Company does not undertake to
update any forward looking statements, oral or written, made by
itself or on its behalf.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: NaiKun Wind Energy Group Inc. - Media Enquiries Doug
McClelland Director, Communications 604-631-4487
dmcclelland@naikun.ca NaiKun Wind Energy Group Inc. - Investor
Enquiries Peter Murray Manager, Investor Relations 604-631-4494
pmurray@naikun.ca www.naikun.ca
Oceanic Wind Energy (TSXV:NKW)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Oceanic Wind Energy (TSXV:NKW)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024